Which of the following is true of consumer surplus?

Question 45 options:

a.It is graphically represented as the area under the equilibrium price and above the supply curve of a good.

b.It is the net gain in economic well-being associated with producing and selling the equilibrium quantity of a good.

c.It is used to measure the impact of a change in price on the economic well-being of the producers.

d.It is the difference between the value that one places on a good and the price paid for the good.